Setting up your Forex broker trading software Part 2
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In the second video of the 2 part series on setting up your Forex broker trading software, we guide you through more specific characteristics of the trading platform. Again, please bear in mind that even though various Forex broker platforms will look different in terms of style, all trading platforms do the same thing. With this in mind, our guide is relative to all platforms; the only difference is that options for a particular process may be located elsewhere.
Placing orders - Our video will firstly guide you through the process of placing orders. If you are trading bigger time frames and speed is not of essence then you may like to open your orders via an order ticket. However, if you are trading lower time frames and speed is important then you should open the trade panel by clicking the 'triangle/arrow' on the top left hand side of the chart. This will allow you to trade with one click.
Time frames - all Forex trading software provides an option to trade in different time frames. Examples are M1, M5, M15, M30, H1, H4, D1, W1 and MN. Find the best time frame for your Forex trading strategies and utilise it on a daily basis.
Trend lines - all Forex trading software also provides options to draw trend lines. There can be vertical, horizontal (great for marking up support and resistance) and angled trend lines to identify trends rallying or falling. Please ensure that you double click on the lines if you wish to move them to another price point. Explanation is in the Forex training video above.
Inserting Forex indicators - whilst we do not discuss indicators in this Forex training video, we do guide you through the process of inserting them into your chart. They are provided in many formats such as oscillators and trend indicators. Forex trading strategies that we will teach you later in this Forex trading course will use these indicators but for now, all you need to know is how to insert them.
To familiarise yourself with a trading platform or practice and operate the same features described in this Forex training video please open a 'live' or a 'demo' account from our Forex brokers list. By registering for an account you will get access to a trading platform. Please note that we are using an MT4 platform in this video so to operate the same features ensure that you open an MT4 or MT5 account.